H&M is a funny one for me because the last company I worked for (talkin' more than 10 years ago now) put AV systems in H&Ms. They'd hardly spread anywhere to the west coast but a buddy of mine designed a new H&M every couple days. They were spreading like wildfire.

I think they were just a little bit hipper than gap, a little bit cheaper than Urban Outfitters, and a little bit less radical than Zara and that hit a certain 20-something exactly right. But it's been ten years, those 20-somethings are 30-somethings and their tastes have changed. They aren't buying Gap, they aren't buying H&M. Gap will be okay because Anthropologie is now at Nordstrom and Old Navy is keeping the whole monster afloat but if you're H&M? If you haven't hooked the teens they're not gonna suddenly start shopping with you now that they can drink. Abercrombie? Their stock is up but they're closing stores.